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From The National Association of Realtors - July 22, 2015

by Jan Delimont

Existing-Home Sales Rise in June as Home Prices Surpass July 2006 Peak

Media Contact: Adam DeSanctis / 202-383-1178 / Email

WASHINGTON (July 22, 2015) — Existing-home sales increased in June to their highest pace in over eight years, while the cumulative effect of rising demand and limited supply helped push the national median sales price to an all-time high, according to the National Association of Realtors®. All major regions experienced sales gains in June and have now risen above year-over-year levels for six consecutive months.

Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.2 percent to a seasonally adjusted annual rate of 5.49 million in June from a downwardly revised 5.32 million in May. Sales are now at their highest pace since February 2007 (5.79 million), have increased year-over-year for nine consecutive months and are 9.6 percent above a year ago (5.01 million).

Lawrence Yun, NAR chief economist, says backed by June's solid gain in closings, this year's spring buying season has been the strongest since the downturn. "Buyers have come back in force, leading to the strongest past two months in sales since early 2007," he said. "This wave of demand is being fueled by a year-plus of steady job growth and an improving economy that's giving more households the financial wherewithal and incentive to buy."

Adds Yun, "June sales were also likely propelled by the spring's initial phase of rising mortgage rates, which usually prods some prospective buyers to buy now rather than wait until later when borrowing costs could be higher."

The median existing-home price2 for all housing types in June was $236,400, which is 6.5 percent above June 2014 and surpasses the peak median sales price set in July 2006 ($230,400). June's price increase also marks the 40th consecutive month of year-over-year gains.

Total housing inventory3 at the end of June inched 0.9 percent to 2.30 million existing homes available for sale, and is 0.4 percent higher than a year ago (2.29 million). Unsold inventory is at a 5.0-month supply at the current sales pace, down from 5.1 months in May.

"Limited inventory amidst strong demand continues to push home prices higher, leading to declining affordability for prospective buyers," said Yun. "Local officials in recent years have rightly authorized permits for new apartment construction, but more needs to be done for condominiums and single-family homes."

The percent share of first-time buyers fell to 30 percent in June from 32 percent in May, but remained at or above 30 percent for the fourth consecutive month. A year ago, first-time buyers represented 28 percent of all buyers.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose in June to 3.98 from 3.84 percent in May, but remained just below 4.00 percent for the seventh straight month.

Properties typically stayed on the market for 34 days in June, down from May (40 days) and the shortest time since NAR began tracking in May 2011. Short sales were on the market the longest at a median of 129 days in June, while foreclosures sold in 39 days and non-distressed homes took 33 days. Forty-seven percent of homes sold in June were on the market for less than a month — the highest percentage since June 2013 (also 47 percent).

NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., says Realtors® are reporting drastic imbalances of supply in relation to demand in many metro areas — especially in the West. "The demand for buying has really heated up this summer, leading to multiple bidders and homes selling at or above asking price4," he said. "Furthermore, tight inventory conditions are being exacerbated by the fact that some homeowners are hesitant to sell because they're not optimistic they'll have adequate time to find an affordable property to move into."

Matching the lowest share since December 2009, all-cash sales were 22 percent of transactions in June, down from 24 percent in May and 32 percent a year ago. Individual investors, who account for many cash sales, purchased 12 percent of homes in June (14 percent in May) — the lowest since August 2014 (also 12 percent) and down from 16 percent in June 2014. Sixty-six percent of investors paid cash in June.

Distressed sales5 — foreclosures and short sales — fell to 8 percent in June (matching an August 2014 low) from 10 percent in May, and are below the 11 percent share a year ago. Six percent of June sales were foreclosures and 2 percent were short sales. Foreclosures sold for an average discount of 15 percent below market value in June (unchanged from May), while short sales were discounted 18 percent (16 percent in May).

Single-family and Condo/Co-op Sales

Single-family home sales increased 2.8 percent to a seasonally adjusted annual rate of 4.84 million in June from 4.71 million in May, and are now 9.8 percent above the 4.41 million pace a year ago. The median existing single-family home price was $237,700 in June, up 6.6 percent from June 2014 and surpassing the peak median sales price set in July 2006 ($230,900).

Existing condominium and co-op sales rose 6.6 percent to a seasonally adjusted annual rate of 650,000 units in June from 610,000 units in May, up 8.3 percent from June 2014 (600,000 units) and the highest pace since May 2007 (680,000 units). The median existing condo price was $226,500 in June, which is 5.5 percent above a year ago and the highest since August 2007 ($229,200).

Regional Breakdown

June existing-home sales in the Northeast climbed 4.3 percent to an annual rate of 720,000, and are now 12.5 percent above a year ago. The median price in the Northeast was $281,200, which is 3.9 percent higher than June 2014.

In the Midwest, existing-home sales rose 4.7 percent to an annual rate of 1.33 million in June, and are 12.7 percent above June 2014. The median price in the Midwest was $190,000, up 7.2 percent from a year ago.

Existing-home sales in the South increased 2.3 percent to an annual rate of 2.20 million in June, and are 7.3 percent above June 2014. The median price in the South was $205,000, up 7.2 percent from a year ago.

Existing-home sales in the West rose 2.5 percent to an annual rate of 1.24 million in June, and are 8.8 percent above a year ago. The median price in the West was $328,900, which is 9.9 percent above June 2014.

# # #

NOTE: For local information, please contact the local association of Realtors® for data from local multiple listing services. Local MLS data is the most accurate source of sales and price information in specific areas, although there may be differences in reporting methodology.

1Existing-home sales, which include single-family, townhomes, condominiums and co-ops, are based on transaction closings from Multiple Listing Services. Changes in sales trends outside of MLSs are not captured in the monthly series. NAR rebenchmarks home sales periodically using other sources to assess overall home sales trends, including sales not reported by MLSs.

Existing-home sales, based on closings, differ from the U.S. Census Bureau's series on new single-family home sales, which are based on contracts or the acceptance of a deposit. Because of these differences, it is not uncommon for each series to move in different directions in the same month. In addition, existing-home sales, which account for more than 90 percent of total home sales, are based on a much larger data sample — about 40 percent of multiple listing service data each month — and typically are not subject to large prior-month revisions.

The annual rate for a particular month represents what the total number of actual sales for a year would be if the relative pace for that month were maintained for 12 consecutive months. Seasonally adjusted annual rates are used in reporting monthly data to factor out seasonal variations in resale activity. For example, home sales volume is normally higher in the summer than in the winter, primarily because of differences in the weather and family buying patterns. However, seasonal factors cannot compensate for abnormal weather patterns.

Single-family data collection began monthly in 1968, while condo data collection began quarterly in 1981; the series were combined in 1999 when monthly collection of condo data began. Prior to this period, single-family homes accounted for more than nine out of 10 purchases. Historic comparisons for total home sales prior to 1999 are based on monthly single-family sales, combined with the corresponding quarterly sales rate for condos.

2The median price is where half sold for more and half sold for less; medians are more typical of market conditions than average prices, which are skewed higher by a relatively small share of upper-end transactions. The only valid comparisons for median prices are with the same period a year earlier due to seasonality in buying patterns. Month-to-month comparisons do not compensate for seasonal changes, especially for the timing of family buying patterns. Changes in the composition of sales can distort median price data. Year-ago median and mean prices sometimes are revised in an automated process if additional data is received.

The national median condo/co-op price often is higher than the median single-family home price because condos are concentrated in higher-cost housing markets. However, in a given area, single-family homes typically sell for more than condos as seen in NAR's quarterly metro area price reports.

3Total inventory and month's supply data are available back through 1999, while single-family inventory and month's supply are available back to 1982 (prior to 1999, single-family sales accounted for more than 90 percent of transactions and condos were measured only on a quarterly basis).

4According to NAR's Realtors® Confidence Index, roughly 38 percent of properties sold last month went at or above asking price, which is also the average for the past three months. Before April 2015, the average was 32 percent (since NAR began tracking this monthly data in December 2012).

5Distressed sales (foreclosures and short sales), days on market, first-time buyers, all-cash transactions and investors are from a monthly survey for the NAR's Realtors® Confidence Index, posted at Realtor.org.

NOTE: The Pending Home Sales Index for June will be released July 29, and Existing-Home Sales for July will be released August 20; release times are 10:00 a.m. EDT.

RMLS Market Action - Coos County - June 2015

by Jan Delimont

National Housing Report - June 2015

by Jan Delimont

RMLS Market Action - Coos County May 2015

by Jan Delimont

New houses are getting bigger.

by Jan Delimont

New houses are getting bigger

New home construction rises
Homes under construction in 2013 by Lennar Corporation in the Grandview Estates development of Happy Valley. (Brent Wojahn/The Oregonian/file)
 
By Elliot Njus | The Oregonian/OregonLive The Oregonian
Email the author | Follow on Twitter
on June 01, 2015 at 11:05 AM, updated June 01, 2015 at 11:13 AM

The square footage of new U.S. houses continues to march higher.

The median-sized single-family house built in 2014 was 2,453 square feet, according to new data from the U.S. Census Bureau, setting a new record.

House sizes have grown steadily with only a few reversals, which turned out to be brief. New homes shrank in the wake of the housing bubble, but the trend turned out to be short-lived. By 2012, builders were setting new square-footage records.

The median new apartment, meanwhile, has stayed roughly the same size in the 15 years the Census Bureau has been counting. They've trended down in size in recent years — as a trend toward studio and micro-apartments took hold — but grew slightly to 1,073 square feet in 2014. (Condos built for sale were larger, with a median of 1,432 square feet.)

Homebuilders completed about 620,000 single-family houses nationwide in 2014, according to the Census Bureau's Survey of Construction.

 

-- Elliot Njus

enjus@oregonian.com

503-294-5034

 

 

Oregon Home Prices Increase 6.4%

by Jan Delimont

Oregon Home Prices Increase 6.4 Percent

by OPB | May 27, 2015 10:01 a.m. | Updated: May 27, 2015 11:07 a.m.


House prices rose 6.4 percent in Oregon in the past year, according to a federal index released Tuesday.

The quarterly report shows that Bend-Redmond and Medford had Oregon’s sharpest increase in prices in the past year. In both of those metro areas, the median house price rose about 9 percent.

Home prices in the Portland-Vancouver metro area increased by 8.5 percent in the past 12 months.

Oregon ranks 10th in the nation among states for appreciation in house prices, according to the federal report.

Seasonally Adjusted Housing Price
Annual Rate Increases

  • Portland-Vancouver: 8.5%
  • Albany: 3.73%
  • Bend-Redmond: 9.25%
  • Eugene: 5.11%
  • Medford: 9%
  • Salem: 7.39%

RE/MAX National Housing Report - May 2015

by Jan Delimont
 

 

RMLS Coos County Market Action - April 2015

by Jan Delimont

AARP Livability Index

by Jan Delimont

How Livable Will Your Neighborhood Be as You Age?

The AARP's new “livability index” grades communities on seven resource areas that aging Americans will need.

The AARP's "Livability Index" grades communities on a scale from 1 to 100 over seven categories.

What is "livability" made of, exactly?

That is the elusive question that a new “livability index” from AARP wants to answer. The index allows you to punch in an address and find out how it scores, on a scale from 1 to 100, in seven different categories: housing, transportation, environment, health, engagement, opportunity, and the catchall “neighborhood” category, which encompasses proximity to services as well as personal safety. The site covers 200,000 communities around the country, and includes county- and state-level data as well.

It's a lot of fun to play with the tool. Click through to a given category and you'll find why a given address scores the way it does: My Brooklyn neighborhood, for instance, rates an impressive 83 on transportation (14 buses and trains per hour; estimated transportation costs of $5,324 per year compared to the U.S. median of $10,791), but only 37 on engagement (shamefully low voter turnout and few civic organizations). The apartment where I used to live in Portland, Maine, does well in the “housing” category (places to live are relatively affordable and abundant), but not so great in “environment” (there’s a heavily trafficked bridge close by). Sources for all the data are included, as well as explanations of the reasoning behind the rankings.

The index also allows you to customize your priorities. If, for instance, you value clean air and water over access to quality health care, you can weight “environment” more heavily and dial back the importance of “health.”

While the AARP index is designed to be of special use to people aged “50-plus,” as you might expect given the source, the researchers who put it together emphasize that it is useful for people of all ages who are trying to figure out where they want to live, either now or in the future. “When you plan for older adults, you plan for everyone,” says Jana Lynott, senior strategic policy adviser at the AARP Public Policy Institute.

The index also allows you to view policies that communities have in place that affect everything from housing affordability to access for people with disabilities.

Many of the categories measured by the index are of increasing concern to people who are aging—and the U.S. population as a whole is getting older, fast. By 2030, it is projected that 19 percent of Americans will be over 65, up from 12.4 percent in 2000.

The vast majority of those older Americans want to stay where they are after retirement, and AARP researchers hope the index will be a resource for cities and towns that want to examine how they can improve services for an aging population.

“The index will help communities become better,” says Dr. Rodney Harrell, director of livable communities at the AARP Public Policy Institute. “So people don’t have to move.”

Existing-Home Sales Spike in March

MEDIA CONTACT: ADAM DESANCTIS / 202-383-1178 / EMAIL

 
 

WASHINGTON (April 22, 2015)—Existing-home sales jumped in March to their highest annual rate in 18 months, while unsold inventory showed needed improvement, according to the National Association of Realtors®. Led by the Midwest, all major regions experienced strong sales gains in March and are above their year-over-year sales pace.

Total existing-home sales1, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 6.1 percent to a seasonally adjusted annual rate of 5.19 million in March from 4.89 million in February—the highest annual rate since September 2013 (also 5.19 million). Sales have increased year-over-year for six consecutive months and are now 10.4 percent above a year ago, the highest annual increase since August 2013 (10.7 percent). March's sales increase was the largest monthly increase since December 2010 (6.2 percent).

Lawrence Yun, NAR chief economist, says the housing market appears to be off to an encouraging start this spring. "After a quiet start to the year, sales activity picked up greatly throughout the country in March," he said. "The combination of low interest rates and the ongoing stability in the job market is improving buyer confidence and finally releasing some of the sizable pent-up demand that accumulated in recent years."

Total housing inventory2 at the end of March climbed 5.3 percent to 2.00 million existing homes available for sale, and is now 2.0 percent above a year ago (1.96 million). Unsold inventory is at a 4.6-month supply at the current sales pace, down from 4.7 months in February.

The median existing-home price3 for all housing types in March was $212,100, which is 7.8 percent above March 2014. This marks the 37th consecutive month of year-over-year price gains and the largest since February 2014 (8.8 percent).

"The modest rise in housing supply at the end of the month despite the strong growth in sales is a welcoming sign," adds Yun. "For sales to build upon their current pace, homeowners will increasingly need to be confident in their ability to sell their home while having enough time and choices to upgrade or downsize. More listings and new home construction are still needed to tame price growth and provide more opportunity for first-time buyers to enter the market."

The percent share of first-time buyers was 30 percent in March, marking the third time since last March that the first-time buyer share was at or above 30 percent. First-time buyers represented 29 percent of all buyers last month; they were 30 percent in March 2014.

According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage increased in March for the second consecutive month, rising to 3.77 percent from 3.71 percent in February. Despite the slight increase, the monthly average is still below 4.00 percent for the fourth straight month.

NAR President Chris Polychron, executive broker with 1st Choice Realty in Hot Springs, Ark., says there needs to be additional choices for borrowers looking for safe and secure mortgage products to finance their home purchase. Realtors® urge the U.S. Senate to schedule a vote for the bipartisan Mortgage Choice Act, which passed the U.S. House of Representatives last week.

"This legislation levels the playing field for brokerages with affiliated business agreements by eliminating the 3 percent cap on the calculations of fees and points in the Dodd-Frank Ability-to-Repay/Qualified Mortgage rule," he said.

All-cash sales were 24 percent of transactions in March, down from 26 percent in February and down considerably from a year ago (33 percent). Individual investors, who account for many cash sales, purchased 14 percent of homes in March, unchanged from last month and down from 17 percent in March 2014. Seventy percent of investors paid cash in March.

Distressed sales4—foreclosures and short sales—were 10 percent of sales in March, down from 11 percent in February and 14 percent a year ago. Seven percent of March sales were foreclosures and 3 percent were short sales. Foreclosures sold for an average discount of 16 percent below market value in March (17 percent in February), while short sales were also discounted 16 percent (15 percent in February).

A NAR study released earlier this week revealed that nearly a million formerly distressed owners of prime quality have become re-eligible for Federal Housing Administration or similar financing programs and may have purchased a home again, and an additional 1.5 million are likely to become eligible over the next five years. However, damaged credit and other factors will severely limit the overall number of those being able to return.

Properties typically stayed on the market for a shorter time period in March (52 days) compared to February (62 days), and are also selling slightly faster than a year ago (55 days). Short sales were on the market the longest at a median of 165 days in March, while foreclosures sold in 56 days and non-distressed homes took 51 days. Forty percent of homes sold in March were on the market for less than a month

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Jan Delimont, Broker/Owner, RE/MAX South Coast 1750 Sherman Avenue, North Bend OR 97459
541-290-1850
Jan Delimont provides information on real estate and homes for sale
in the Southern Oregon area.

 I list and sell residential real estate including freestanding homes, condominiums and townhomes
as well as investment properties, vacant land and lots for sale in the Southern Oregon real estate area.